Popular Direct Savings Review: 2.00% APY Rate (Nationwide)

Available for residents nationwide,Popular Direct Savings is offering a 2.00% APY on their Popular Direct Exclusive Savings Account! To earn the high rate, you must open the account with a minimum opening deposit of at least $5,000. That’s all you need to do to earn the competitive rate! The account is also no bounded by any maximum balance restrictions so you will be able to earn the 2.00% APY on all balances! They also offer many great features such as no minimum balance requirement, a low monthly fee, daily compounded interest, and many more! If you are interested, don’t hesitate to open a CD today!

Editor’s Note: Please note that starting March 15, 2018, Popular Direct will be implementing a 60-day freeze on withdrawals for new accounts, starting with the date of account opening. Please note, your account will continue to earn interest during this time. Once the 60-day authorization period is complete, you may withdraw funds as needed.

Popular Direct Savings Account Requirements:

Maintain the account for at least 180 days or a $25 early closing fee will apply for accounts closed within 180 days of opening.

Popular Direct Savings Fine Print:

For all applicable fees please refer to their “Schedule of Fees”.

Customers will earn interest paid but not interest accrued as of the account closing date.

An “External Account” is an existing deposit account that you own at another US financial institution and you have successfully validated through the External Account function in Popular Direct Online Banking.

You cannot change your External Account during the first 60 calendar days after opening your Popular Direct account. Thereafter, you may change your External Account.

However, each time you change your External Account, you may not change it for 60 calendar days.

They reserve the right to change our fees, charges, balance requirements, Interest Rate, and APY.

They will notify you of any changes as required by law.

Conclusion:

For those of you looking for a great rate on a savings account, apply for a Popular Direct Savings account and you could earn yourself an attractive 2.00% APY. Best of all, the only requirement is to make the $5,000 opening deposit. The rate is applicable on all balances so be sure to take advantage of this offer before it ends! Keep in mind that there is a dormant fee if your account remains inactive for at least 12 months. Overall, this promotion is a great offer for those interested in a high rate! If you would like to see more offers like this, check out our updated list of the Best Savings Rates!

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-Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 14.74% to 25.74%.
-$0 balance transfer fee. Balance transfers must be requested within 60 days from account opening.
-2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x); 1x points on other purchases.
-Use your Card 20 or more times on purchases in a billing period and earn 20% more points on those purchases less returns and credits.
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-No annual fee.
-Terms Apply.
-See Rates & Fees

Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

I don’t recommend Popular Direct savings. I opened an account with them a few years ago with a high promo rate, which later dropped and is presently 1.39% compared to my 1.6% rate with Ally. I am looking into closing my account with Popular Direct as I dislike these teaser rates. Popular Direct also has several requirements and minimums, while Ally has none.

Do not ever send money to this bank. They are possibly having financial problems or more likely are oblivious to the consumer.

My account has now been locked up for more than 60 days since I opened it on April 12, 2018. I have complied with all their requests for verification of my accounts. I have talked to the supervisor at the call center that the bank has for inquiries. I have repeatedly asked that they send my money back. I am willing to share more details if you need them and would be happy to talk to you in person.
I am not worried that the money in my account is lost. However, their action is abhorrent, especially since they dropped their rate from 2.0% to 1.85% at the same time that they froze the accounts. Sounds like they may be profiting from this bad behavior because one can’t move their money to higher paying accounts at other banks. They should compensate the owners of the accounts and pay a significant fine. The banks that offer these accounts and that follow good business practices should be outraged by this behavior by one of their competitors.

If anyone has any ideas on how to contact the state or federal regulators please advise.

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Editorial Disclosure: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.